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Matt Levine

Under Armour Sold Some Clothes Early

Also XIV, microdosing and a deli review.

Programming note: Despite yesterday’s programming note, here Money Stuff is today. But it will be off tomorrow, back on Thursday. Sorry for the confusion.

One theory is that the price of a share of stock reflects the present value of its future cash flows in perpetuity. People buy stock today not because they expect high profits tomorrow, but because they expect high profits over the long run. Investment decisions that cost money today, but that will bring in much more money in five years, increase the net present value of the stock, so the shareholders should support them.